|
| |
|
(b) | by reference to any class or description of stock exchanges (including |
| |
one framed by reference to any authority or approval given in a country |
| |
outside the United Kingdom). |
| |
(3) | An order under this section may— |
| |
(a) | contain incidental, supplemental, consequential and transitional |
| 5 |
provision and savings, and |
| |
(b) | vary or revoke a previous order under this section. |
| |
940 | Meaning of “research and development” |
| |
(1) | This section has effect for the purposes of the provisions of the Income Tax Acts |
| |
which apply this section. |
| 10 |
(2) | “Research and development” means activities that fall to be treated as research |
| |
and development in accordance with generally accepted accounting practice. |
| |
| This is subject to subsection (3). |
| |
(3) | The Treasury may by regulations specify activities which— |
| |
(a) | are to be treated as being “research and development” for the purposes |
| 15 |
| |
(b) | are to be treated as not being “research and development” for the |
| |
purposes of this section. |
| |
| |
(a) | make provision by reference to guidelines issued by the Secretary of |
| 20 |
| |
(b) | contain incidental, supplemental, consequential and transitional |
| |
| |
(5) | Unless otherwise expressly provided, “research and development” does not |
| |
include oil and gas exploration and appraisal. |
| 25 |
941 | Meaning of “unit trust scheme” |
| |
(1) | In the Income Tax Acts “unit trust scheme” has the meaning given by section |
| |
| |
| This is subject to subsection (2). |
| |
(2) | The Treasury may by regulations provide that a unit trust scheme within the |
| 30 |
meaning given by section 237 of FISMA 2000 is not to be a unit trust scheme for |
| |
the purposes of this section if the scheme is within a specified description. |
| |
(3) | The regulations may contain incidental, supplemental, consequential and |
| |
transitional provision and savings. |
| |
(4) | This section does not apply for the purposes of section 558 (approved |
| 35 |
| |
|
| |
|
| |
|
| |
Other Income Tax Acts provisions |
| |
| |
(1) | In the application of the Income Tax Acts to Scotland— |
| |
“assignment” means an assignation, |
| 5 |
“estate in land” includes the land, and |
| |
“surrender” includes renunciation. |
| |
(2) | In the application of the Income Tax Acts to Scotland, any reference to property |
| |
or rights being held on trust or on trusts is a reference to the property or rights |
| |
| 10 |
943 | Sources of income within the charge to income tax or corporation tax |
| |
In the Income Tax Acts a source of income is within the charge to income tax |
| |
or corporation tax if that tax— |
| |
(a) | is chargeable on the income arising from it, or |
| |
(b) | would be so chargeable if there were any income arising from it, |
| 15 |
and references to a person, or income, being within the charge to income tax or |
| |
corporation tax are to be read in the same way. |
| |
944 | Application of Income Tax Acts to recognised investment exchanges |
| |
The Commissioners for Her Majesty’s Revenue and Customs may by |
| |
regulations make provision securing that provisions in the Income Tax Acts |
| 20 |
which contain references to the Stock Exchange apply— |
| |
(a) | in relation to all other recognised investment exchanges (within the |
| |
meaning of FISMA 2000), or |
| |
(b) | in relation to such of those exchanges as may be prescribed, |
| |
for such purposes and subject to such modifications as may be prescribed. |
| 25 |
945 | References to married persons, or civil partners, living together |
| |
Individuals who are married to, or are civil partners of, each other are treated |
| |
for the purposes of the Income Tax Acts as living together unless— |
| |
(a) | they are separated under an order of a court of competent jurisdiction, |
| |
(b) | they are separated by deed of separation, or |
| 30 |
(c) | they are in fact separated in circumstances in which the separation is |
| |
| |
946 | Relationship between rules on highest part of total income |
| |
(1) | This section makes provision about the relationship between rules requiring |
| |
particular income to be treated as the highest part of a person’s total income. |
| 35 |
(2) | It has effect for the purposes of the Income Tax Acts except sections 535 to 537 |
| |
of ITTOIA 2005 (gains from contracts for life insurance etc: top slicing relief). |
| |
|
| |
|
| |
|
(3) | If more than one of the provisions listed in subsection (4) applies in relation to |
| |
a person, a provision mentioned earlier in the list has priority over a provision |
| |
mentioned later in the list. |
| |
| |
section 465A of ITTOIA 2005 (gains from contracts for life insurance etc to |
| 5 |
be treated as highest part of total income), |
| |
section 404A of ITEPA 2003 (payments and other benefits on termination |
| |
of employment to be treated as highest part of total income), and |
| |
section 16 (savings and dividend income to be treated as highest part of |
| |
| 10 |
(5) | The provisions listed in subsection (4) have priority over— |
| |
section 619A(2) of ITTOIA 2005 (income treated as highest part of settlor’s |
| |
| |
section 701(6) and (7) (income treated as arising under Chapter 3 of Part |
| |
12 to be treated as highest part of total income), |
| 15 |
section 719(6) and (7) (income treated as arising under Chapter 4 of Part |
| |
12 to be treated as highest part of total income), and |
| |
any other provisions of the Income Tax Acts requiring income of any |
| |
description to be treated as the highest part of a person’s total income. |
| |
(6) | The effect of one provision having priority over another is that the second |
| 20 |
provision has effect subject to the first. |
| |
947 | Territorial sea of the United Kingdom |
| |
The territorial sea of the United Kingdom is treated for the purposes of the |
| |
Income Tax Acts as part of the United Kingdom. |
| |
948 | Orders and regulations |
| 25 |
(1) | This section applies to all powers under the Income Tax Acts of the Treasury |
| |
or the Commissioners for Her Majesty’s Revenue and Customs to make orders |
| |
or regulations, other than excluded powers. |
| |
(2) | All powers under the following are excluded— |
| |
(a) | ICTA (see instead section 828 of that Act), |
| 30 |
(b) | section 178(5) of FA 1989 (setting of rates of interest), |
| |
(c) | CAA 2001 (see instead section 570B of that Act), |
| |
(d) | ITEPA 2003 (see instead section 717 of that Act), |
| |
(e) | Part 4 of FA 2004 (see instead section 282 of that Act), |
| |
(f) | ITTOIA 2005 (see instead section 873 of that Act), and |
| 35 |
(g) | the following provisions of this Act— |
| |
(i) | section 184(3)(b) and (c) (EIS: the unquoted status requirement |
| |
(designated exchanges etc)), |
| |
(ii) | section 295(3)(b) and (c) (venture capital trusts: the unquoted |
| |
status requirement (designated exchanges etc)), and |
| 40 |
(iii) | section 939(1)(b) (meaning of “recognised stock exchange”). |
| |
(3) | Any orders or regulations made under a power to which this section applies |
| |
must be made by statutory instrument. |
| |
|
| |
|
| |
|
(4) | Any orders or regulations made under a power to which this section applies |
| |
are subject to annulment in pursuance of a resolution of the House of |
| |
| |
(5) | Subsection (4) does not apply if the order or regulations are made under— |
| |
(a) | section 73A of FA 2004 (exemption for designated international |
| 5 |
| |
(b) | any of the following provisions of this Act— |
| |
(i) | section 21(5) (indexation of starting rate limit and basic rate |
| |
| |
(ii) | section 57 (indexation of allowances), |
| 10 |
(iii) | section 114 or 735 (exclusion of amounts in calculating |
| |
individual’s contribution to the firm), |
| |
(iv) | section 400(4)(e) (amounts treated as contributed by an |
| |
individual to investment partnership capital), |
| |
(v) | section 830 (public revenue dividends: regulations about |
| 15 |
collection of income tax), |
| |
(vi) | section 895 (regulations modifying Chapter 15 of Part 14), |
| |
(vii) | section 912 (designated international organisations: exceptions |
| |
| |
(viii) | section 925(2)(e) (meaning of “bank”), or |
| 20 |
(ix) | section 963(2) (power to make transitional or saving provision |
| |
in connection with coming into force of this Act). |
| |
(6) | Further, subsection (4) does not apply— |
| |
(a) | if any other Parliamentary procedure is expressly provided to apply in |
| |
relation to the order or regulations, or |
| 25 |
(b) | if the order in question appoints a day for the purposes of any provision |
| |
of the Income Tax Acts from which the provision will have effect (with |
| |
or without amendments) or will cease to have effect, |
| |
| and is also subject to any other provision to the contrary. |
| |
949 | Territorial scope of charges under certain provisions to which section 950 |
| 30 |
| |
(1) | This section applies in relation to any amount chargeable to income tax under |
| |
or by virtue of any provision— |
| |
(a) | to which section 950 applies, and |
| |
(b) | which is listed in Part 2 or 3 of the table in that section (provisions not |
| 35 |
| |
(2) | An amount arising to a UK resident is chargeable to tax whether or not it is |
| |
from a source in the United Kingdom. |
| |
(3) | An amount arising to a non-UK resident is chargeable to tax only if it is from a |
| |
source in the United Kingdom. |
| 40 |
(4) | References in this section to amounts which are from a source in the United |
| |
Kingdom include, in the case of any amount which does not have a source, |
| |
references to amounts which have a comparable connection to the United |
| |
| |
(5) | This section is subject to any express or implied provision to the contrary in any |
| 45 |
provision of the Income Tax Acts. |
| |
|
| |
|